Principal Financial Group Inc. Decreases Stake in Owens Corning (NYSE:OC)

Principal Financial Group Inc. cut its stake in shares of Owens Corning (NYSE:OC) by 31.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 207,479 shares of the construction company’s stock after selling 96,141 shares during the quarter. Principal Financial Group Inc.’s holdings in Owens Corning were worth $36,624,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. ST Germain D J Co. Inc. boosted its holdings in shares of Owens Corning by 794.1% in the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock valued at $26,000 after acquiring an additional 135 shares during the last quarter. Innealta Capital LLC acquired a new position in Owens Corning during the second quarter valued at $32,000. Tobam boosted its holdings in Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after purchasing an additional 103 shares during the last quarter. Quarry LP grew its position in Owens Corning by 165.5% during the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after purchasing an additional 144 shares during the period. Finally, Friedenthal Financial purchased a new position in shares of Owens Corning during the 2nd quarter valued at about $48,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Trading Up 1.6 %

Shares of OC opened at $193.46 on Tuesday. Owens Corning has a 52-week low of $123.10 and a 52-week high of $197.52. The stock has a market cap of $16.60 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 2.35 and a beta of 1.41. The firm’s fifty day moving average is $176.32 and its two-hundred day moving average is $173.94. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the prior year, the company earned $4.15 EPS. Owens Corning’s revenue was up 22.9% compared to the same quarter last year. Research analysts forecast that Owens Corning will post 15.39 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were given a dividend of $0.60 per share. The ex-dividend date was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.24%. Owens Corning’s payout ratio is 20.43%.

Insiders Place Their Bets

In related news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Marcio A. Sandri sold 3,050 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now directly owns 60,130 shares in the company, valued at approximately $10,222,100. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on OC shares. UBS Group raised their target price on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Wells Fargo & Company lifted their target price on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Royal Bank of Canada increased their price target on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Finally, StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $192.62.

Owens Corning Company Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.